• Visa confirms support for Ethereum-based USD Coin transactions following increasing demand.
  • Bitcoin starts to close gap toward $60,000 after breaking out of descending parallel channel.
  • Ethereum focuses on upswing to $2,000, reclaiming ground above $1,700.
  • Ripple looks forward to massive liftoff if seller congestion at $0.6 disperses.

The cryptocurrency market reacted positively after Visa announced support for cryptocurrency transactions on its platform. The USD Coin has been singled out to enjoy this groundbreaking milestone, showing digital currencies are gaining mainstream adoption.

Ethereum shines with Visa announcement

Ethereum, the leading smart contract token, has found itself in the spotlight, because the USD Coin executes on its blockchain. This support will ensure that users spend money in crypto without the need to convert to fiat.

Visa confirmed that it had completed the testing process following a partnership with digital asset bank Anchorage and completing its first transaction, whereby Crypto.com sent USDC to the company’s Ethereum address.

Cuy Sheffield, head of crypto at Visa, told Reuters:

“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies, and we are seeing demand from our clients to be able to build products that provide that access for consumers.”

Ethereum renews uptrend to $2,000

Ethereum has been on an upward roll since support was embraced at $1,540. Price action past the 50 Simple Moving Average (SMA), the 200 SMA and the 100 SMA on the four-hour chart has reinforced the ongoing upswing.

At the time of writing, Ether is trading at $1,785 as bulls eye liftoff above $2,000. The Relative Strength Index (RSI) on the four-hour chart cements the bulls’ presence in the market while entering the overbought region. Note that a break above $1,800 would see buy orders triggered, adding pressure to the tailwind.

ETH/USD four-hour chart

ETH/USD four-hour chart

The bullish outlook will be invalidated if Ether fails to break above $1,800, as discussed earlier. Support is expected at $1,700, but if losses extend further, Ethereum will freefall toward $1,540.

Bitcoin lifts as the gap to $60,000 shrinks

Bitcoin rallied above a descending parallel channel after bouncing off support at $50,000. The former resistance at the 100 SMA delayed movement, but bulls managed to overcome the hurdle, leaving open-air exploration toward $60,000.

At the time of writing, the bellwether cryptocurrency exchanges hands slightly above $58,000 as the uptrend builds. The next resistance is envisioned at $59,000, which, if broken, may push BTC to $60,000. Price action past $60,000 will trigger buy orders as the fear of missing out (FOMO) grips investors.

BTC/USD four chart

BTC/USD four chart

It is essential to realize that the upswing to $58,000 would be invalidated if Bitcoin fails to secure support above $58,000. Moreover, the 100 SMA functions as another support. Sustaining the price above this level will avert a correction back to $50,000.

Ripple could gain more ground in breaking past $0.6

The cross-border token continues to nurture the uptrend, as reported. Support at the 61.8% Fibonacci, and by association $0.55, reveals market stability. Price action beyond $0.6 would be a considerable milestone, recognizing the massive resistance at this level.

At the time of writing, the least resistance path is upward based on the RSI on the four-hour chart. The trend strength indicator eyes the overbought region as buyers target levels above $0.6. Ripple is expected to break out to higher levels on breaking the stubborn hurdle at $0.6.

XRP/USD four-hour chart

XRP/USD four-hour chart

The international remittance token must secure the position above $0.55 to avert another correction back to $0.4. The 50 SMA on the four-hour chart and the 61.8% Fibonacci level are in line to provide anchorage, but losses will come into the picture if the price slips below the confluence.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Are your bags packed for FOMO Season?

Are your bags packed for FOMO Season?

Crypto markets shows strength to start the second trading week of August, and key levels have been identified. Although it's still early market, current prices may be the ultimate discount in hindsight. BTC follows through on the bullish technicals mentioned in previous outlooks. ETH continues to display strength in the market. XRP seems poised for a rally. Invalidation of the up trend is vital.

More Cryptocurrencies News

Bitcoin price ekes out a 15% move as whales return

Bitcoin price ekes out a 15% move as whales return

BTC reaffirms a triangle breakout to $28,000 after surpassing $24,000. Whales holding 1,000 and more coins grow to 2,051 from 2,040 in a week. Bitcoin price is required to make a daily close above $24,000 to reinforce the move to $28,000.

More Bitcoin News

3 Reasons why Dogecoin price is ready to go ballistic

3 Reasons why Dogecoin price is ready to go ballistic

Dogecoin price sits on the edge of a 26.23% climb to $0.0888. Elon Musk believes DOGE has a larger total transaction capability than Bitcoin. Mark Cuban is confident that Dogecoin potentially has more applications compared to Cardano.

More Dogecoin News

Cardano price edges closer to a massive breakout after months of trying

Cardano price edges closer to a massive breakout after months of trying

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate where ADA could be heading next. 

More Cardano News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis